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Dodge monthly mortgage insurance premiums (PMI) completely and secure the standard conventional baseline.
Explore programs requiring as little as 3% down conventional or 3.5% FHA, helping you buy sooner.
Optimize your existing debt service, lower your interest rate, or secure cash-out equity restructure.
Department of Veterans Affairs purchase loans offering 0% down payment and no monthly PMI for military.
Lock in lower interest rates with a 15-year fixed loan term to build massive equity quickly.
Finance non-owner occupied rental acquisitions or multi-unit house hacking with competitive investor pricing.
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Current Local Mortgage Rates
Sorted by lowest conforming purchase rate
Requires veteran or military eligibility
Loan amount is under conforming limits
| Loan Program | Today's Rate / APR | Points | Est. Payment | Action |
|---|---|---|---|---|
| Conventional 30-Yr FixedConforming | 6.918%APR 6.955% | 0 pts$0 | $1,984/moP&I $1,984 · MI $0 | See details |
| FHA 30-Yr FixedConforming | 5.945%APR 6.714% | 0 pts$0 | $1,964/moP&I $1,823 · MI $140 | See details |
| VA 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| Jumbo 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| 15-Year Conforming FixedConforming | 6.029%APR 6.081% | 0 pts$0 | $1,808/moP&I $1,808 · MI $0 | See details |
| Refinance 30-Yr FixedConforming | 6.964%APR 7.096% | 0 pts$0 | $1,993/moP&I $1,993 · MI $0 | See details |
| Investment Property FixedConforming | 7.625%APR 7.678% | 0 pts$0 | $2,128/moP&I $2,128 · MI $0 | See details |
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Compare all 26 pre-computed scenario benchmarks
Scenario Program | Down Pct | Credit score | Today's Rate | APR | Points | P&I Payment | 3-Yr Metric Cost |
|---|---|---|---|---|---|---|---|
15-Year Conforming Purchase | 20% | 740 credit score | 6.029% | 6.081% | 0 pts ($0) | $2,542/mo | $50,924 |
15-Year Rate/Term Refi | 0% | 740 credit score | 6.058% | 6.140% | 0 pts ($0) | $3,183/mo | $71,299 |
Condo 10% Down | 10% | 720 credit score | 7.220% | 7.390% | 0 pts ($0) | $2,301/mo | $80,812 |
Conventional 10% Down | 10% | 720 credit score | 6.622% | 6.778% | 0 pts ($0) | $2,165/mo | $74,716 |
Conventional 20% Down | 20% | 740 credit score | 6.918% | 6.955% | 0 pts ($0) | $1,984/mo | $61,429 |
Conventional 5% Down | 5% | 700 credit score | 7.039% | 7.520% | 0 pts ($0) | $2,385/mo | $83,353 |
Conventional Cash-Out Refi | 0% | 740 credit score | 7.361% | 7.401% | 0 pts ($0) | $2,592/mo | $89,135 |
Conventional High Balance | 10% | 740 credit score | 7.001% | 7.034% | 0 pts ($0) | $2,251/mo | $76,549 |
Conventional HomeReady 3% | 3% | 660 credit score | 6.822% | 7.198% | 0 pts ($0) | $2,382/mo | $86,005 |
Conventional Rate/Term Refi | 0% | 740 credit score | 6.964% | 7.096% | 0 pts ($0) | $2,491/mo | $84,636 |
FHA 15-Year Fixed 3.5% Down | 3.5% | 680 credit score | 5.936% | 6.686% | 0 pts ($0) | $3,101/mo | $73,944 |
FHA 3.5% Down | 3.5% | 680 credit score | 5.945% | 6.714% | 0 pts ($0) | $2,199/mo | $77,025 |
FHA Streamline (Excellent Credit) | 0% | 740 credit score | 5.936% | 6.686% | 0 pts ($0) | $2,277/mo | $79,716 |
FHA Streamline Refi | 0% | 640 credit score | 6.063% | 6.834% | 0 pts ($0) | $2,308/mo | $81,175 |
House Hacking Conforming 5% | 5% | 680 credit score | 6.996% | 7.241% | 0 pts ($0) | $2,374/mo | $86,104 |
Investment 15-Year Fixed 25% Down | 25% | 740 credit score | 5.820% | 5.855% | 0 pts ($0) | $2,351/mo | $46,036 |
Investment Property 25% Down | 25% | 740 credit score | 7.625% | 7.678% | 0 pts ($0) | $1,995/mo | $63,600 |
Jumbo Conforming | 20% | 760 credit score | 7.003% | 7.035% | 0 pts ($0) | $2,001/mo | $62,199 |
Jumbo Elite Premium 10% Down | 10% | 760 credit score | 6.712% | 6.741% | 0 pts ($0) | $2,185/mo | $67,008 |
Lower Credit FHA 3.5% | 3.5% | 580 credit score | 6.304% | 7.079% | 0 pts ($0) | $2,285/mo | $81,008 |
Second Home 10% Down | 10% | 720 credit score | 5.950% | 6.523% | 0 pts ($0) | $2,017/mo | $67,879 |
Second Home 20% Down | 20% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $1,977/mo | $61,120 |
VA 0% Down | 0% | 700 credit score | 6.066% | 6.311% | 0 pts ($0) | $2,318/mo | $76,672 |
VA Cash-Out Refi | 0% | 640 credit score | 6.069% | 6.439% | 0 pts ($0) | $2,319/mo | $76,706 |
VA IRRRL Streamline Refi | 0% | 640 credit score | 6.075% | 6.228% | 0 pts ($0) | $2,320/mo | $76,776 |
VA Military 10% Down | 10% | 720 credit score | 6.067% | 6.143% | 0 pts ($0) | $2,068/mo | $65,427 |
Frequently Asked Questions
What are today's mortgage rates in 07051, , NJ across different loan programs?
Today's benchmark conventional 30-year fixed mortgage rate in 07051, , NJ is 6.918% (with an estimated monthly payment of $2,073). Active program rates also include FHA 30-year fixed loans at 5.945% and VA 0%-down fixed loans at 6.066%. These rates are calibrated daily by Safe Rate's pricing engine matching active local market conditions.
What is the recent mortgage rate trend in 07051, , NJ?
Mortgage rates have shown typical daily fluctuations driven by inflation data and bond yields. Over the past 90 days, conventional 30-year fixed rates in 07051, , NJ have fluctuated between a low of 6.553% and a high of 6.997%. You can track these daily movements by using the 90-day rate history and trajectory chart featured on this page.
Is an FHA or Conventional loan more cost-effective in 07051, , NJ?
Choosing between FHA and Conventional depends on your down payment budget and credit score. For a typical home priced at $375,835 in 07051, , NJ, a standard 20%-down Conventional loan requires an upfront cash down payment of $75,167 but keeps your monthly payment lower at $2,073/mo (at 6.918% interest) with no monthly PMI. In comparison, an FHA loan requires only $13,154 (3.5% down) but has an estimated payment of $2,299/mo (at 5.945% interest) due to mandatory FHA mortgage insurance (MIP). Local Nuance: The typical local FHA loan amount of $362,681 falls comfortably within the local HUD FHA loan limit of $524,225 (1-unit), making FHA financing an exceptionally accessible, high-leverage entry point into the market.
What is the maximum conforming loan limit in 07051 before needing a Jumbo loan?
The 2025 conforming conventional loan limit for a 1-unit property in 07051 is $806,501. With a typical local home value of $375,835 in , a standard 20%-down mortgage requires a loan size of $300,668. Because this is within the $806,501 conforming threshold, buyers can easily qualify for standard conforming conventional financing with competitive rates.
How does the median home value in 07051, , NJ impact estimated mortgage payments?
The median home value in 07051, , NJ is estimated at $375,835. Buying a typical home here with a standard 20% down payment ($75,167) translates to an estimated starting monthly mortgage payment of $2,073 (principal and interest). Compared to the local area median household income of $36,068 ($3,006/mo), this basic housing payment represents approximately 69.0% of gross monthly household income. Because this housing cost exceeds the standard 36% lender DTI guideline, buyers in this high-value area may need larger down payments, lower debt balances, or co-borrower income to qualify.